Zig’s Place Chatroom News Monday AM 11-15-21

Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish herebutterfly   The Iraqi government justifies the reasons for adopting a new exchange rate for the dollar

The Iraqi government justifies the reasons for adopting a new exchange rate for the dollarShafaq News/ Today, Sunday, the Iraqi Ministry of Finance clarified the reasons for adopting a new exchange rate for the US dollar against the local currency, noting that this came to supplement national production, protect the central bank’s reserves and support the budget.

In a statement received by Shafaq News Agency, the Ministry of Finance said that, during the past three years, it has borne the burden of a stifling financial crisis that threatened the state’s ability to fulfill its obligations that were already burdened by a large legacy represented by the inflation rate of public spending and the rise in the wage bill, which threatened to secure the salaries of its employees,

in light of the low Sharp global oil prices and a dangerous health situation due to the consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.

The Ministry of Finance indicated that the general budget continues between the need for a wise public financial management with its obligations to ensure the protection of the weakest and most needy groups, pointing to the support of the international community for the policies of the Ministry of Finance, as the International Monetary Fund and the World Bank approved public financial management under difficult circumstances. Extremely .

Butterfly   In a previous statement, the Iraqi Ministry of Finance issued, on the fifth of last October, a clarification regarding the exchange rate of the US dollar, noting that changing it worked to “stop the fall of the reserve currency and enhance import capabilities.”

The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.   shafaq.com

butterfly   Cougar: There Is No Budget Before June, And It Will Be A Copy Of 2021

The former member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Monday, that it is not possible to approve the budget before next June, indicating that the budget will be reproduced for the current year.

Cougar said in a statement to Al-Maalouma, "The budget bill has not been submitted by the current government so far, and it is in the process of completing the project, and it will be transferred to the new parliament."

He added that "the budget for the next year does not differ much, except for some minor paragraphs, which are reproduced from the previous one. What is wrong with those budgets is the reliance on operational issues and leaving investment and revenues."

Cougar explained, "It is not possible to spend hundreds of billions annually in salaries and others without recovering that money from annual profits through the ministries, and the next government should pay attention to this matter and invest the surplus funds from the rise in global oil prices in industrial and commercial projects that generate income."

butterfly   One step forward, ten steps back with how Iraq is moving........

butterfly   Here is another one. I have to shake my head in how the world is....going backwards instead of forward:

Economist: The Government Did Not Contribute To Any Economic Improvement In Iraq

LAST UPDATE 11/15/2021 | 3:48 PM   The economic and financial expert, Nabil Al-Marsoumi, considered, on Monday, that the ministries of finance and planning were not the cause of any economic improvement in Iraq, but the credit is due to the rise in international oil prices only.

Al-Marsoumi said, in a post on his Facebook page , and seen by the "Information" agency, that "the semi-annual report of the World Bank on the Iraqi economy, published by the Ministry of Finance, indicated the significant improvement in economic indicators in Iraq during the first half of 2021."

He explained, that this includes “an increase in GDP by 9%, a growth of the non-oil economy by more than 21%, and the current account deficit also turning into a surplus of 4.7% of GDP, and an increase in the total official reserves of the Central Bank of Iraq by about 5 billion US dollars to reach to $58.5 billion and an increase in budget revenues by 42%.

He pointed out that "this improvement in economic performance was not related to the genius of the ministries of finance and planning, nor to the good government economic performance, but was related to only one external variable, which is the rise in oil prices."

butterfly   The oil prices are going down, next day I bet they will go up. Lordy Lordy

UNEEK   butterfly you would think the ones that have risen to government positions would have some knowledge of how bookkeeping works - and be able to balance the spending with the revenue from various sources - maybe it is all just crooked politics and greed - Iraq may be one of the worst but they are not the only country guilty - that's for sure

UNEEK   butterfly I would dare say that all of government positions whether elected or appointed are way over paid and could very well be the straw that broke the camel's back

butterfly   UNEEK I have to laugh at what you just posted, not you, but what you posted. 50 some years ago I was driving my young son to school and back then they were talking about the debt of the government. Gone way over their budget, but that is ok, they will just increase that budget limit. Nothing is or has changed in the government, here or even around the world, BUT if we did half of what they did, we would be wearing orange outfits.

UNEEK   butterfly all those "fringe" benefits

butterfly   UNEEK so true so true.....

butterfly   We here in the good old U S of A fall at the bottom of the World Educational System.

UNEEK   butterfly it is heartbreaking and disgusting at the same time - they just do not deserve to be so abundantly rewarded for doing such a poor job

butterfly   UNEEK so true so true....again.

UNEEK   butterfly ANY company would fire such a person if they lost money for the company

butterfly   I have a problem that covers two.........they don't give two** about the elderly, and the people that serve and are serving.

butterfly   UNEEK ABSOLUTELY!

UNEEK   and they would not allow the actions of that employee to continue for 6 months or a yr definitely NOT years

butterfly   I agree but it is not their fault all by themselves, it is the idiots that keep voting them back in term after term after term.....that is where the educational system falls in there.

UNEEK   yes I agree with that as well - heck they want to decide if you even have a right for a medical procedure based on your age ughhhh grrrrrr ! Heartless !!!!

butterfly   I have a friend that said, no elder should ever have to pay for their medicine or their visits to the doctors, etc etc AND he said the same thing about the people that serve and protect our country.

UNEEK   butterfly good plan - they have it all backwards don't they - instead they give all of that to people that are here illegally or in some other undeserving category - called lazy - won't get a job ??

butterfly   UNEEK I don't have a problem with the ones here illegally. I have a problem with the ones that are here and don't give a shit about their fella man/woman. Those that are here "illegally" are always hiding bc they don't want to be caught, but are living a much better life than the one they escaped from. I have a problem with the smartass kids that think they are hotshits with their AR-15s proving they are big badassess killing innocent people.

UNEEK   butterfly hummm - I see your point on those issues -- I definitely do not begrudge those that are running from poverty and wanting to provide a better life for their family - I feel the "system" could definitely be monitored - fine tuned - and made more fair and also take measures to provide that same care for our own - veterans and homeless !!!!!!!!!!!!!!!!!

butterfly   UNEEK I call it "distraction"....lets not talk about the ones that really are the problem, not the ones that bend over backwards to help you to try and make a better life for them and their families. Let me put it this way, "do you hear about an "illegal" using an AR-15 going into schools shooting and killing children, so bad that they can't even identify those children. Someone gets pissed off, well I didn't do anything but I was "afraid" they were going to hurt me so I had to blast the guts out of them, oh I could go on and on about the "legals" we have here.....but we must focus on those that are here "illegally". Sorry for going off on it, but people need to get their heads out of the sand........Take care and it was a pleasure talking with you...someone that has their head on straight. Have a great day UNEEK

UNEEK   butterfly I do agree with the issue you stated - it is so sad there is such hatred among us that would kill innocent people - children no less - You have a great day and thanks for posting the news - as always  :Thankyou:

Doug_W   UNEEK 100% agreed

Butterfly  Oil prices fall on fears of oversupply

Monday 15 November 2021 Crude oil prices fell, during Monday's trading, as a result of pressure from expectations of an increase in supply and weak demand for black gold.

Brent crude futures fell 0.7 percent to $81.59 a barrel, while West Texas Intermediate crude also fell 0.7 percent to $80.21 a barrel.

The two markets witnessed a decline during the past three weeks as a result of being affected by the rise in the dollar and speculation that the administration of US President Joe Biden might release oil from the US Strategic Petroleum Reserve to reduce prices.

This week, US energy companies increased the number of oil and natural gas rigs for the third week in a row, at a time when crude oil prices approached their highest level in seven years, prompting some exploration companies to return to exploration operations. https://ninanews.com/Website/News/Details?key=939217

butterfly   2021-11-15 06:19   Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $180 million in foreign currency today, Monday.

Shafaq News Agency correspondent said that CBI's sales of foreign currency in this week's first auction amounted to $180,972,316, 7.61% below Sunday's $182,458,226. The transactions were made at a weighted average of 1460 dinars to every dollar.

Our correspondent explained that 21 banks and 210 exchange companies cashed $44.65 million, while the $136,322,316 went to boost funds abroad in the form of credit and non-cash transactions, with 20 banks meeting those demands. https://www.shafaq.com/en/Economy/CBI-sells-180-million-in-Monday-s-currency-auction

butterfly   2021-11-15 06:34  Shafaq News/ The Kurdistan Democratic Party (KDP) revealed today, Monday, the names of the political blocs that will form the next Iraqi government.

The KDP Member, Majid Shankali, told Shafaq News Agency, "All political blocs are waiting for the announcement of the final results (of the elections) and the Federal Court's approval, and accordingly intensive negotiations to form the next government would start."

Shankali added, "The next government will not be consensual as before, but it will be formed with the participation of many political blocs, and it will be consensual with a cover from the political majority."

"The government is expected to be formed at the beginning of next year, with the participation of the Kurdistan Democratic Party, the National Union, Progress (Takadum), and the Sadrist movement as well as a part of the Shiite Coordination Framework. In addition, other political blocs may join in the coming period to participate in forming the government." He pointed out.

For his part, Mohammed Al-Bayati, a leader in the Al-Fateh Alliance, one of the significant forces of the Coordinating Framework, told our Agency that there is a consensus within the Framework to refuse to name the current PM Mustafa Al-Kadhimi for a second term.

Al-Bayati added, "the Framework so far has not discussed the issue of nominating any figure for prime minister in the next stage," stressing that "this matter will be resolved after the Federal Supreme Court approves the results of the early parliamentary elections."

He revealed, "The leader of the State of Law coalition, Nuri al-Maliki, is the most prominent person for prime minister," adding, "This matter remains subject to consensus among all political blocs, not just Shiites." https://www.shafaq.com/en/Iraq-News/KDP-reveals-the-political-blocs-that-will-form-the-next-government

Clydesdale   Yes, now I want to take this guru seriously with analyzing the news for me. He thinks the last quarter of the year started in November.

:Think: 11-14-2021 Newshound Guru MilitiaMan Article: "International experts announce a new amount for the remainder of Iraq's compensation to Kuwait" Quote: "...476 million dollars, while it is likely that the full compensation will be paid in the last quarter of this year..." So it says, Iraq is likely that they will pay the last part of the compensation plan to Kuwait in the last quarter of this year. Well we are in the last quarter and have been for a couple weeks now...they tell us "previously" that the payment will end in the first quarter of 2022...Well, they moved it up to this last quarter and it has the potential to even have been paid by now or shortly here to come.

butterfly   Clydesdale As usual, it is up and then it is down, oh wait, lets go back up, no lets go back down. This is Iraq and has been for many many years. I don't try to figure out what they are saying or doing, I gave up on that many years ago. What shall we call it comedy central or they are still trying to figure things out. Lordy Lordy

Clydesdale   butterfly Agreed and this is what I was pointing out the MM wrote: " So it says, Iraq is likely that they will pay the last part of the compensation plan to Kuwait in the last quarter of this year. Well we are in the last quarter and have been for a couple weeks now" Two weeks ago was the start of November and October was thr start of the "last quarter"

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